China’s benchmark Shanghai Composite Index (000001.SH) gained 0.62% on Friday, while the Shenzhen Component Index (399001.SZ) rose 1.02%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.37% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 1.6%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Weekly Must-Read: China Joins Effort to Avert Sovereign Debt Crisis
Nation fills new role as top creditor to poor countries rattled by the worst debt crisis since the 1980s
· Wanda Unit Files Fourth Hong Kong IPO Application
Zhuhai Wanda tries again to sell shares this year as failure would force the parent company sto repay $6 billion to investors
· HKEX and BSE Agree to Dual Listing of Stocks
Qualified companies traded in Beijing can apply to the Hong Kong bourse and vice versa as the stock markets open the door for long-term cooperation
· New Law Sets Out China’s Foreign Relations Goals, Response to National Security Threats
China’s top diplomat, Wang Yi, said the law was urgently needed to safeguard the country’s sovereignty, security and development interests in the face of an increase in ‘uncertain and unpredictable factors’
· Global Debt Crisis Requires China, U.S. Put Aside Their Differences, Economist Says
The two countries need to serve as ‘global financial anchors,’ the LSE’s Jin Keyu says, as an IMF report flags 60% of low-income countries as being under or facing external debt distress
· Top Stories of the Month: China Grapples With Hangover From Consumer Lending Boom
The banking regulator has expanded a pilot program for disposal of nonperforming personal loans, allowing hundreds of financial institutions to offload their bad debt
· Former Guangdong Police Chief Expelled From Party for Bribery
Li Chunsheng’s wrongdoings include trading influence for sex, illegally interfering in judicial and law enforcement cases, and meddling in capital market activities, top graft buster says
· China’s East-West Economic Gap Refuses to Narrow
Despite a push for more balanced development, China’s western regions continue to lose ground to the wealthier eastern regions, NDRC reports
· HKEX to Cut IPO Settlements to Two Days on New Platform
Exchange plans October rollout of cloud-based digital platform called FINI to replace uncompetitive current five-day IPO settlement system
· Climate Finance Works Best When Everyone Pulls Together: WEF Panel
In China, the government, state-owned banks, and the private sector are working in partnership to fund the green transition, financiers and Huaneng’s president tell the World Economic Forum in Tianjin
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